HarperCollins, which is owned by Rupert Murdoch’s News Corp has expressed an interest and has been joined by Simon & Schuster, which is owned by CBS.

The record offer would trump previous book deals given to departing presidents.

Bill Clinton was paid $15m for his memoir My Life, while George W Bush was given an estimated $10m for his book Decision Points.

Mr Obama previously published best-sellers Dreams From My Father and The Audacity of Hope.

The former president has kept a relatively low profile since leaving the White House.

He was pictured kite-boarding with Sir Richard Branson while on holiday in the British Virgin Islands and was spotted with his daughter Malia on Broadway, where they watched a revival of Arthur Miller’s The Prince.